G.S Royal Hardware and Industries & Anor Ltd v Equity Bank (U) Ltd & Anor (HCCS 721 of 2015)
G.S Royal Hardware and Industries & Anor Ltd v Equity Bank (U) Ltd & Anor (HCCS 721 of 2015) [2016] UGCommC 30 (24 March 2016)
The court found that the second applicant, as the registered proprietor and mortgagor, has locus standi to challenge the intended sale of his property, especially where statutory notices may not have been properly served and the legality of the underlying transaction is disputed. The Mortgage Act 2009 grants the mortgagor the right to seek relief against foreclosure, and the absence of the mortgage instrument and tripartite agreement in evidence raises serious questions to be tried regarding the authority and consent for the additional charge. The court held that statutory rights under the Mo…
Source excerpt
- Mortgage Enforcement
- Temporary Injunction
- Locus Standi
- Statutory Notice Requirements
- Tripartite Agreements
- Banking Regulation